Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1481 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. A. to ENGR. S. B. NO. 1481 Page 1 1
	3	+	SB1481 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE AMENDME NT
29		-	TO
30		-	ENGROSSED SENATE BILL NO . 1481 By: Montgomery, Treat, and
31		-	Quinn of the Senate
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
32	30
33		-	~~and~~
	31	+	STATE OF OKLAHOMA
34	32
35		-	Kendrix of the House
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37		-
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39		-
40		-	[ Franchise Tax Code - levy of tax after certain year
41		-	- annual statement requirement - effective date ]
42		-
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45		-
46		-	AUTHOR: Add the following Senate Coauthor: Allen
47		-
48		-	AMENDMENT NO. 1. Page 1, line 9, strike the enacting cl ause
49		-
50		-	Passed the House of Representatives the 27th day of April, 2022.
51		-
52		-
53		-
54		-
55		-
56		-	Presiding Officer of the House of
57		-	Representatives
58		-
59		-
60		-	Passed the Senate the ____ day of __________, 2022.
61		-
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63		-
64		-
65		-
66		-	Presiding Officer of the Senate
67		-
	33	+	2nd Session of the 58th Legislature (2022)
68	34
69	35		ENGROSSED SENATE
70		-	BILL NO. 1481 By: Montgomery, Treat, ~~and~~
71		-	~~Quinn~~ of the Senate
	36	+	BILL NO. 1481 By: Montgomery, Treat, Quinn,
	37	+	and Allen of the Senate
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73	39		and
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75	41		Kendrix of the House
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79	45		[ Franchise Tax Code - levy of tax after certain year
80	46		- annual statement requirement - effective date ]
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85	51		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
86	52		SECTION 1. AMENDATORY 68 O.S. 2021, Section 1203, is
87	53		amended to read as fo llows:
88	54		Section 1203. There For tax year 2022 and previous tax years,
89	55		there is hereby levied and assessed a franchise or excise tax upon
90	56		every corporation, association, joint -stock company and business
91	57		trust organized under the laws of this state, equal to One Dollar
92	58		and twenty-five cents ($1.25) for each One Thousand Dollars
93	59		($1,000.00) or fraction thereof of the amount of capital used,
94	60		invested or employed in the exercise of any power, privilege or
95	61		right inuring to such organization, within this state; it being the
96	62		purpose of this section to require the payment to the State of
97	63		Oklahoma this state this tax for the right gra nted by the laws of
98		-	this state to exist as such organization and enjoy, under the
99		-	protection of the laws of this state, the powers, righ ts, privileges
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101		-	ENGR. S. B. NO. 1481 Page 2 1
	65	+	SB1481 HFLR Page 2
	66	+	BOLD FACE denotes Committee Amendments. 1
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	91	+	this state to exist as such organization and enjoy, under the
	92	+	protection of the laws of this state, the powers, righ ts, privileges
126	93		and immunities derived from the state by reason of the form of such
127	94		existence.
128	95		SECTION 2. AMENDATORY 68 O.S. 2021, Section 1204, is
129	96		amended to read as follows:
130	97		Section 1204. There For tax year 2022 and previous tax years,
131	98		there is hereby levied and assessed upon every corporation,
132	99		association, joint-stock company and business trust, organized and
133	100		existing by virtue of the laws of some other state, territory or
134	101		country, now or hereafter doing business in this state, as
135	102		hereinbefore defined, a franchise or excise tax equal to One Dollar
136	103		and twenty-five cents ($1.25) for each One Thousa nd Dollars
137	104		($1,000.00) or fraction thereof of the amount of capital used,
138	105		invested or employed within this state; it being the purpose o f this
139	106		section to require the payment of a tax by all organizations not
140	107		organized under the laws of this state, measured by the amount of
141	108		capital, or its equivalent, used, invested or employed in this state
142	109		for which such organization receives the benefit and protection of
143	110		the government and laws of the state.
144	111		SECTION 3. AMENDATORY 68 O.S. 2021, Se ction 1210, is
145	112		amended to read as follows:
146	113		Section 1210. A. In addition to any other statement required
147	114		by law, for tax year 2022 and previous tax years, each and every
148		-	corporation, association or orga nization, as enumerated in Se ctions
149		-	1201, 1203, and 1204 of this title, subject to the provisions of
150	115
151		-	ENGR. S. B. NO. 1481 Page 3 1
	116	+	SB1481 HFLR Page 3
	117	+	BOLD FACE denotes Committee Amendments. 1
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	142	+	corporation, association or organization, as enumerated in Se ctions
	143	+	1201, 1203, and 1204 of this title, subject to the provisions of
176	144		Section 1201 et seq. of this title, either during the period of July
177	145		1 to August 31, inclusive, of each year, or not later than June 1
178	146		for taxpayers that remitted the maximum amount of tax pursuant to
179	147		Section 1205 of this title for the preceding tax year, or, except
180	148		for taxpayers that remitted the maximum amount of tax pursuant to
181	149		Section 1205 of this title for the preceding tax year, on or before
182	150		the date by which an income tax return is required to be filed
183	151		pursuant to the provisions of subsection G of Section 2368 o f this
184	152		title or pursuant to the provisions of Section 216 of this title,
185	153		based upon the election by the taxpayer regarding the due date for
186	154		payment of tax, shall file with the Oklahoma Tax Commiss ion a
187	155		statement under oath of its president, secretary or ma naging
188	156		officer, or managing agent in this state. The statement shall be in
189	157		such form as the Tax Com mission shall prescribe, including balance
190	158		sheets as at the close of its last preceding taxable year for which
191	159		an income tax return was required to be filed , showing the
192	160		following:
193	161		1. The amount of its authorized capital stock, int erests,
194	162		certificates, or other evidence of interest or ownership;
195	163		2. The amount thereof then pa id up;
196	164		3. The number of units into which the same is divided;
197		-	4. The par value of each unit and the number of such units
198		-	issued and outstanding;
199		-	5. The location of the office or off ices;
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201		-	ENGR. S. B. NO. 1481 Page 4 1
	166	+	SB1481 HFLR Page 4
	167	+	BOLD FACE denotes Committee Amendments. 1
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	192	+	4. The par value of each unit and the number of such units
	193	+	issued and outstanding;
	194	+	5. The location of the office or off ices;
226	195		6. The value of all property owned or used in its business and
227	196		wherever located;
228	197		7. The value of all property owned or used in its business
229	198		within this state as it existed on the last day of the tax year;
230	199		8. The total amount of all business wherev er transacted during
231	200		the tax year;
232	201		9. The total amount of business tran sacted within the State of
233	202		Oklahoma this state during such year; and
234	203		10. The names of its offi cers and the residence and post office
235	204		address of each as the sam e appear of record on the last day of the
236	205		tax year, based upon the election by the taxpayer rega rding the due
237	206		date for payment of tax.
238	207		B. If any corporation, association or organization maki ng a
239	208		return under the provisions of Section 1201 et seq. of this title
240	209		has no authorized capital, or if any of its shares of stock or other
241	210		evidences of interest or ownership have no pa r value, then such
242	211		corporation, association or organization shall so st ate in its
243	212		return, and shall, in addition thereto, state the book value of its
244	213		shares of stock or other evidences of interest or ownership. It
245	214		shall also, in making its return, make th e showing required of all
246	215		other corporations, associations and organiza tions, and each foreign
247		-	corporation shall state the name of its r egistered agent residing at
248		-	the capital of the state. The return shall be in such form as the
249		-	Tax Commission shall pres cribe.
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251		-	ENGR. S. B. NO. 1481 Page 5 1
	217	+	SB1481 HFLR Page 5
	218	+	BOLD FACE denotes Committee Amendments. 1
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	243	+	corporation shall state the name of its r egistered agent residing at
	244	+	the capital of the state. The return shall be in such form as the
	245	+	Tax Commission shall pres cribe.
276	246		C. A corporation or organization subject to the tax levied by
277	247		Section 1203 or Section 1204 of this title for which the computati on
278	248		of capital employed in the state equals or exceeds Sixteen Million
279	249		Dollars ($16,000,000.00), shall file a maximum fra nchise tax return
280	250		on such form as may be prescribed by the Oklahoma Tax Commission.
281	251		D. The Tax Commission shall prescribe a form for us e by
282	252		corporations or orga nizations subject to the maximum tax imposed by
283	253		Section 1205 of this ti tle in order for such co rporations or
284	254		organizations to determine if the value of capital employ ed in this
285	255		state requires filing a maximum franchise tax return. The Tax
286	256		Commission shall also prescribe a form for use by corporations or
287	257		organizations exempt from the tax imposed by Sections 1203 and 1204
288	258		of this title pursuant to Section 1205 of this t itle. Such form
289	259		shall include the names of the officers of the c orporation or
290	260		organization and the residence and post office address of each as
291	261		the same appears of record on the last d ay of the tax year and a
292	262		statement attesting that no tax is due for the taxable period. If a
293	263		corporation or organization is required to file the maximum
294	264		franchise tax return or is exempt from the tax imposed by Sections
295	265		1203 and 1204 of this title pursuan t to Section 1205 of this title,
296	266		such return shall not be subject to th e requirements of subsection A
297		-	of this section and the return sha ll only contain such information
298		-	as may be prescribed by the Commission. The return shall be in such
299		-	form as the Tax Commission shall prescribe.
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301		-	ENGR. S. B. NO. 1481 Page 6 1
	268	+	SB1481 HFLR Page 6
	269	+	BOLD FACE denotes Committee Amendments. 1
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	294	+	of this section and the return sha ll only contain such info rmation
	295	+	as may be prescribed by the Commission. The return shall be in such
	296	+	form as the Tax Commission shall prescribe.
326	297		SECTION 4. This act shall become effective November 1, 2022.
327		-	Passed the Senate the 21st day of March, 2022.
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329		-
330		-
331		-	Presiding Officer of the Senate
332		-
333		-
334		-	Passed the House of Representatives the ____ day of __________,
335		-	2022.
336		-
337		-
338		-
339		-	Presiding Officer of the House
340		-	of Representatives
341		-
342		-
	299	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUD GET, dated
	300	+	04/14/2022 - DO PASS, As Amended and Coauthored.